Snap rises after layoffs and plans to slow hiring

  • Business Insider’s Alex Heath reported that Snap has laid off 18 people from its recruiting division.
  • The company is expected to see more layoffs as it implements a new employee evaluation system.
  • CEO Evan Spiegel also said that the company will slow its hiring in 2018.
  • The stock rose more than 1% after the news and is up 1.64% on the day to $US15.50.
  • Snap is still down 8.8% from its IPO at $US17, as investors wonder about its ability to monetise its relatively-small, but engaged, user base.

Read Alex Heath’s story about the layoffs at Snap here.

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